Commercial Property versus Commercial Casualty Insurance with Floyd Arthur in New York City

Commercial insurance coverage can offer protection against damages and legal liabilities including the actual property where the business is located, personal property on site, fire and smoke damage, theft, fraud and even terrorism. Coverage is often combined into one package referred to as commercial property and casualty insurance. 

As a business owner it is important to understand the difference between these two types of coverage to ensure you, your company, and your livelihoods are protected. Coverage can be obtained for a range of events and you should purchase commercial property and casualty insurance with Floyd Arthur that makes sense for your business. 

What is commercial property insurance? This type of coverage will protect the physical property of the business against financial loss. This can include the building, office furniture, computers, equipment and even personal property of clients or employees that is located on site. Property coverage can cover many different aspects of your business, depending upon the type of coverage you choose. Make sure you know exactly what coverage you are purchasing and buy coverage that makes sense for you. Here are a few extra coverages that can be purchased: 

-Business Interruption Insurance-which covers loss of income if your business is damaged and unable to bring in money. This type of coverage can be the difference between shutting your doors after damage and being able to reopen quickly. 

-Employee's Personal Possession coverage- will replace any personal items destroyed due to damage to the business.  

-Valuable Documents coverage- offers limited coverage for items such as business records.

Commercial causality insurance protects a business from a multitude of legal liabilities. As with property insurance, there are many different policies and protections that can be purchased, which means each business needs to decide what type of coverage is best for them. For example, this category of insurance can include terrorism insurance, workman's compensation, wrongful termination, cyber fraud and any other number of liabilities a company may face. Causality insurance may also include flood insurance that might not be offered as property insurance, particularly in high risk locations. 

At its roots, commercial property and casualty insurance with Floyd Arthur New York City is coverage on buildings, possessions and against lawsuits. Property insurance covers a business with physical property against loss of that property or its ability to make money. 

Casualty insurance protects a company against legal liability for financial or property loss caused by damage or injury to a person or others property. Both property and casualty insurance are a protections that no company should be with out.